It’s dreadful, but the hourly oscillators on the ES 24 hour S&P futures got buried at the same levels where the market has subsequently made short term lows within 2-4 days, not too much lower than the first low.
Take that for what it’s worth, day traders! If we pull back to test the low or make a lower low with positive divergences in the hourly oscillators, I will be accumulating from my swing trade buy lists for a trade. Then the market can crash.
Meanwhile, the 10 year Treasury yield has fallen to a trend sport line, derived from a resistance parallel. Also the 200 day MA. It may be a bottom. Or it may not. How’s that for cutting edge analacyst?
But breakage seems more than likely given the Treasury coupon $10 billion paydown at the end of the month, and restricted issuance ahead thanks to hitting the debt limit. So if they break sport, the next target would be 3.15.
You know what Polonius said.
Neither long nor short be until the market telleth thee.
For moron the markets, see:
- Gold Going Higher January 18, 2023
- Swing Trade Screen Picks – Whoa! Just Wait Till Next Week! January 17, 2023
- Long Live the Bear. The Bear is Dead January 17, 2023
- A Funny Thing Happened on the Way to the Debt Ceiling January 16, 2023
- Withholding Taxes Are Soaring January 6, 2023
- Composite Liquidity Still Bearish, No End in Sight December 23, 2022
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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